Michigan New Construction Loans
Michigan has 13 new construction lenders offering loans within the state. In this state, the average note amount is $297,188. Rates on private loans made to Michigan investors average 10.8%. The median note issued in this state is 13 months in length. The average origination for the loans is 2.7 points. 73% is the average loan-to-value (LTV) offered for offered by lenders in Michigan.
Loan Example 1
June is a builder who wants to construct a house on a lot in Port Huron, MI. June thinks the construction costs will be approximately $400,000 and the lot will cost $310,000. She takes out a new construction loan from Red City Investment Corporation with the following terms: 1) a 12 month note at 8% interest, 2) interest only payments made each month, 3) 5 origination points paid at closing by the borrower, and 4) a 80% loan to value (LTV) on the lot and the construction costs. There will be no pre-payment penalties for the note and construction costs will be paid over several draws. The borrower will need to pay $3,787 per month in loan payments in addition to $142,000 down, plus a $28,400 origination charge at closing. If June then sells the project for $950,000 she will earn a total profit of $166,160 after paying pack the principle amount and subtracting the origination expense and total interest.
Loan Example 2
Louis is a builder and decides to acquire a land plot in Burton, MI and construct a new duplex. He gets a construction loan from South Shore Investment Group with these specifications:
Assuming a $840,000 re-sell after the 18 month term, the numbers for this project would be the following:
$840,000 sales price
- $330,000 principle (55% LTV)
- $270,000 cash paid at closing (45% on 55% LTV)
- $13,200 origination points (4% of the $330,000 principle amount)
- $64,350 total interest paid (18 months x 13% interest)
= $162,450 net profit
Global Capital Partners
274 Madison Avenue, Suite 901
New York, NY 10016
A diverse portfolio of lending services, an experienced in-house underwriting staff, and theability to tailor financing options to a client's individual needs have made Global CapitalPartners a household name in New York's commercial lending industry. Global Capital Partnershas long provided ...
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6.6 Billion life-to-date in total loan volume to real estate ...
Sunset Equity Funding
3435 Wilshire #1840
Los Angeles, CA 90010
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Lima One Capital
201 East McBee Ave, Suite 300
Greenville, SC 29601
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75071
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using their own ...
100 Lanidex Plaza
Parsippany, NJ 07054
Stratton Equities is the Nationwide leading hard money lender. We are passionate about helping small business owners, contractors, and Real Estate investors, swiftly and efficiently finance their investment goals. We customize our hard money loan programs for each unique project ...
1010 NE 2nd Ave
Miami Beach, FL 33132
Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
35 Trenton Ave
Long Beach, NY 11561
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
Empire Financial Services
PO Box 58804
Tukwilla, WA 98138
Empire Financial Services is a Tukwilla, WA based hard money lender who offers funding in 16 states across the country. They offer lending solutions for a variety of situations, including hard money loans for commercial properties, fix and flip ...
11 Middle Neck Road Suite 314
Great Neck, NY 11021
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Red Rock Capital
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
Investor Rehab Funding
1995 North Park Place SE, Suite 415
Atlanta, GA 30339
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...